Bitcoin Bullish Signals On The Daily TimeFrame | $11,111 Next?

Oct 8, 2019

Bitcoin (BTCUSD) just printed a strong bullish candlestick pattern, but we are not there yet...

Feel free to hit LIKE now and let's get started with this analysis... Thanks a lot for your support.


Bitcoin (BTCUSD) | Daily (D) Timeframe Analysis

• Circled in green, we can see the bullish engulfing pattern.
  
• We can see a young bullish MACD crossover.
  
• MACD histogram going in favor of the bulls.
  
• RSI Hit oversold.
  
• Higher low was yet yesterday compared to the 30-Sept.
  

We are not there yet... These are early bullish signals as they are still developing and the charts are always changing.

BTCUSD is still trading below EMA10 (green line on the chart), which gives it bearish potential.

Before we can confirm a move much higher, this barrier needs to break.

BTCUSD needs to close daily above $8260 to confirm its bullish potential.

$7700 is our main support and last low. Above this level, we keep the bullish potential scenario.

Below $7700, Bitcoin can easily move lower.

You can leave a comment if you have any questions.

Make sure to share your charts in the comments section below with your opinion and ideas...

Thanks a lot for reading.

Namaste.

Oct 9, 2019

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